IS THIS A GOOD TIME TO BUY?
“Is this a good time to buy?” is a question we often hear from folks in the real estate and mortgage scene. Well, today, we’d say, "Yeah, it might just be!" Here's why:
If you’ve got that mortgage pre-approval, it's like getting a green light to start checking out potential homes.
Don't get too caught up in all the interest rate chatter; instead, think about what you can comfortably swing each month. If you can pay the monthly mortgage amount, the interest rate isn’t as big a deal.
Some cool economic stuff is pointing towards it being a good time to buy that property:
Interest Rate Dynamics: The Bank of Canada didn't shake things up with the interest rate recently, but we're thinking it might drop soon. And when it does, we usually see more action in the real estate game and prices going up.
Thinking long-term, real estate has a history of being a solid investment. Sure, there might be some ups and downs, but holding onto a property when you can has often paid off.
Inflation Protection: With the recent inflation increases, putting your money in property could be a smart move to keep its value intact.
Mortgage Lock-in Benefits: Getting a mortgage now might save you some cash down the road if rates decide to climb.
Government Support Programs: Check out what government programs are around. There's this new thing called the First Home Savings Account in Ontario that could sweeten the deal.
Potential Rental Income: Get creative. If you can't handle a property on your own, think about renting out a part of it. It could build equity for future moves.
Market Activity: Things have been a bit slow lately, but that's changing. We're seeing properties sell faster, multiple offers popping up, and more listings. Spring is coming, and it's expected to bring a buzz of activity and higher prices.
Buyers Have the Power: Until now, buyers have been in the driver's seat. Take advantage of that, but don't wait too long!
Strong Demand: Everyone wants a place to call home, especially in Ontario. High demand usually means property values going up. Jump in before the spring rush hits, and you might dodge some competition.
So, make sure you get pre-approved and know what you can handle, start your search now. Don't miss out on the current buyer-friendly vibe before things heat up in the spring.
Mary Da Rosa, Real Estate Representative and Christina A. DeMarinis - Mortgage Agent Level 2 (Lic. # M22002731) VERICO - The Financial Forum., Ltd - (Lic. # 10505). You can follow them at: https://www.instagram.com/marydarosarealestate/ and https://www.instagram.com/christinaademarinis.mortgages/
